Buying BIG DOG out of state

[dba777]

I am relatively new to the forum, and just attempting to purchase my first big dog bike. Need your advise on best way to perform transaction.

I want to purchase a 2008 Big dog with low mileage. Seller is a private party and is out of state. I am not able to drive over and pickup the bike myself and decided to ship bike over using motorcyle shipper company.

The seller still has loan on the bike, bank has the title.

My quesiton is: What the best way to transfer funds and ensure that seller will transfer me the title after he gets my money via wire transfer?

My understanding the process is as follows:

1. I transfer money to current owner via escrow holding service
2. Owner received escrow notification, and ships me the bike.
3. Once I receive the bike, I confirm and release escrow funds to owner.
4. Owner received full fund transfer from escrow, he pays off the loan and transfers me the title.


Is there a legal way to ensure that once I transfer the money, the seller will send the bike and title?

Please advise...

 

[BBChopper]

Where is it? Maybe get a member to help out!!!

 

[jimizee028]

I would love to help but I am not one to give answers to questions I have no buisness answering,but I would damn be sure I got it right...I would be talkin to the owners bank...once he gets money your shit outta luck.....do your homework.....

 

[PA Chopper]

I wouldn't send any money to the seller for the loan part. Deal with the bank for the loan. He may not pay off the loan and then you will never get the title. No title, no registration for you.

 

[Tomtang aka Reptilejim]

It may sound stupid to you dba but I couldn't see myself makin an expensive purchase (like a bigdog) without being on the scene with my money. Or I would have to have a forum member there to help and direct me.

 

[BigDogBro1]

Take a trip and go do it yourself.

I would go with him with the bike in sight to the bank holding the title and make the transaction through them NOT him. You can then get the tittle, sales receipt and the bike all at once.

Too much cash NOT to go do it yourself!

You might be sorry otherwise.

 

[RADAMS445]

A title and lean or loan release must both be presented at the time of the sale transaction. The bank should have a notary to be able to clarify any questions.Bill of sale is required for registration to pay sales tax. Remember if something doesn't feel right stop!! Ask the dmv if something is at "question" with you or the seller.Good Luck.:2thumbs:

 

[Brew]

I would deal with the seller's bank directly. Send no money to the seller, just my opinion...

 

[07bigdog]

The cheque should be made out joint to the bank he owes the money to and his name. That way the bank takes out what he owes them first and he gets the balance.

 

[erldawg]

Banks usually will work with other banks on this sort of dilemma. On the other hand some shippers also offer transferring title services.

 

[RoofDude]

I once sold a boat that I had a loan on. I sold it for multiple thousands more than what I owed the bank. I went to my bank. The buyer paid the full price to the bank. The bank released the title to the buyer, & wrote me check for the difference. Everyone was happy, & got what they were promised. Also, the buyer had no idea what my balance with the bank was or what I recieved net on the transaction (not that it mattered).

Not a bike but a very similar situation/loan. My recommendation is to deal with the bank.

 

[armad]

I am relatively new to the forum, and just attempting to purchase my first big dog bike. Need your advise on best way to perform transaction.

I want to purchase a 2008 Big dog with low mileage. Seller is a private party and is out of state. I am not able to drive over and pickup the bike myself and decided to ship bike over using motorcyle shipper company.

The seller still has loan on the bike, bank has the title.

My quesiton is: What the best way to transfer funds and ensure that seller will transfer me the title after he gets my money via wire transfer?

My understanding the process is as follows:

1. I transfer money to current owner via escrow holding service
2. Owner received escrow notification, and ships me the bike.
3. Once I receive the bike, I confirm and release escrow funds to owner.
4. Owner received full fund transfer from escrow, he pays off the loan and transfers me the title.


Is there a legal way to ensure that once I transfer the money, the seller will send the bike and title?

Please advise...

Like others have told you, you need to work with his bank. I just bought a Big Dog in March. I live in the midwest and the bike was on the east coast. I went and picked it up myself. The owner had title in hand and the title was free and clear. It's nice to be able to ride it and see it in person. I wouldn't buy it any other way!

 

[dba777]

Thank you ALL, thats exact info I was looking for. Will work direclty with bank that served the loan and title. Thanks again!

 

[RubWhore]

Be careful lots of scams going on good looking deals outa state are sometimes merely a scam....been seeing a lot of newer stuff go four pennies on craigslist and the stuff haint never where its supposed to be

 

[hollywoodjohnny]

Don't send any money ! get on a plane or drive to make the deal in person, IMO

 

[DRBarnhart]

My quesiton is: What the best way to transfer funds and ensure that seller will transfer me the title after he gets my money via wire transfer?

NEVER SEND MONEY VIA WIRE TRANSFER!!!! It's as good as cash and if the seller isn't on the up and up you're screwed with NO recourse to get your money back.

My understanding the process is as follows:

1. I transfer money to current owner via escrow holding service
2. Owner received escrow notification, and ships me the bike.
3. Once I receive the bike, I confirm and release escrow funds to owner.
4. Owner received full fund transfer from escrow, he pays off the loan and transfers me the title.


Is there a legal way to ensure that once I transfer the money, the seller will send the bike and title?

Are you buying this bike on ebay? And did you get a price that was just too good to pass up? I ask because this sounds EXACTLY like scams I've seen before on ebay and craigslist. One way you'll know for sure is if the seller doesn't want you to deal directly with the bank as others have said...

Dennis